extent of competition from substitute products. I estimate that, in 2019, public corporations produced consumer surplus in …

can lead to a softer merger policy when competition is weaker. … merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private … information of the merged firm. The optimal merger policy trades off potential cost savings against regulatory distortions from …

competition. They may also impose transaction and administrative costs related to permitting and licensing. If stringent …